KUALA LUMPUR: Felda Global Ventures Holdings Bhd (FGV), Bumi Armada
, Petron Malaysia, Kossan Rubber and Malaysia Building Society Bhd (MBSB) are among the stocks to watch on Friday, according to JF Apex Research.
The research house also expects Malaysia Steel Works (Masteel), Gabungan AQRS, Ajinomoto, Lii Hen and Chin Well to attract traded interest today following their corporate earnings.
JF Apex said Genting Malaysia, Axiata, AirAsia X, KPJ, Heveaboard, Thong Guan, Kian Joo saw their net earnings decline year-on-year.
FGV’s earnings rose to RM38.8mil in the third quarter ended Sept 30. The improvement was due to higher crude palm oil (CPO) production by about 10%, supported by a 3% increase in fresh fruit bunch (FFB) production to 3.07 million tonnes.
Petron’s net profit in the third quarter ended Sept 30, 2017 more than doubled to RM106.07mil from RM46.79mil, mainly on higher revenue.
Kossan reported a 34% year-on-year (y-o-y) rise in third-quarter net profit on higher volume of gloves sold, efficiency gains in the manufacturing process, as well as effective cost controls. Net profit rose to RM45.68mil in the three months ended Sept 30, 2017, from RM34.02mil a year ago, despite higher raw material costs during the quarter under review.
MBSB saw its net profit surge 73.9% to RM100.7mil in the third quarter ended Sept 30, 2017 from RM57.9mil a year ago.
Masteel net profit for the third quarter surged by more than 30 times to RM38.6mil from RM1.24mil a year ago, thanks to higher selling prices of steel bar and increased sales volume.
Genting Malaysia Bhd's net profit dropped 65.2% to RM193.3mil in the third quarter ended Sept 30, 2017 from RM555.7mil, mainly due to lower adjusted earnings before interest, tax, depreciation and amortisation from the leisure and hospitality business in Malaysia.
Meanwhile, European stocks ended mixed overnight as euro zone flash composite PMI exceeded expectations and gains in basic resources counters were offset by losses in utilities.
US markets were closed for Thanksgiving holiday.
“This week, the FBM KLCI tested the resistance of 1,730 points but failed to cross over and, therefore, is expected to hover below this threshold,” JF Apex said.
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